ENA Sectors 2024-07-17 15:09:32 <p><span style="font-size:14px"><strong>New Delhi, Jul 17 (KNN)</strong> India's Commerce Ministry is developing a regulatory framework to enhance the country's e-commerce exports, with plans to finalise it by September, according to Commerce Secretary Sunil Barthwal.</span></p> <p><span style="font-size:14px">The initiative aims to address the significant gap between India's current e-commerce exports, estimated at USD 5 billion annually, and China's USD 300 billion.</span></p> <p><span style="font-size:14px">In a press briefing on Tuesday, Barthwal outlined the ministry's vision for establishing e-commerce export hubs across the country.</span></p> <p><span style="font-size:14px">These hubs, to be located near airports and ports, will facilitate small producers in selling their goods to aggregators, who will then market the products internationally.</span></p> <p><span style="font-size:14px">The proposed framework, part of the ministry's 100-day agenda, is expected to create a conducive regulatory ecosystem for e-commerce exports. Key focus areas include addressing taxation issues and streamlining the process for handling returned goods.</span></p> <p><span style="font-size:14px">Products with high export potential through this channel include jewellery, apparel, handicrafts, and items from the One District One Product (ODOP) initiative.</span></p> <p><span style="font-size:14px">The Directorate General of Foreign Trade (DGFT) is collaborating with the Reserve Bank of India and relevant ministries to develop measures promoting e-commerce exports.</span></p> <p><span style="font-size:14px">The proposed hubs are anticipated to offer facilities such as warehousing, customs clearance, and packaging services.</span></p> <p><span style="font-size:14px">Industry experts note the potential for India's e-commerce exports to reach USD 350 billion by 2030, contributing significantly to the country's target of USD 1 trillion in merchandise exports by the same year.</span></p> <p><span style="font-size:14px">However, challenges such as banking issues currently hinder growth and increase operational costs in the sector.</span></p> <p><span style="font-size:14px">As global cross-border e-commerce trade is projected to reach USD 2 trillion by 2030, India's strategic focus on this sector could play a crucial role in achieving its ambitious export targets.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38628 https://knnindia.co.in/news/newsdetails/sectors/india-to-finalise-new-e-commerce-export-framework-by-september 2024-07-17 15:09:32 knnindia.co.in